US trade policy may weigh on silver prices

TD Securities analysts anticipate that the US administration's sweeping trade restrictions will remain in place at least until the 2026 congressional elections. While the tariffs are expected to pressure silver prices, they should continue supporting gold demand.

President Donald Trump announced the implementation of a 10% across-the-board tariff on all US imports. Additionally, select trading partners will face supplementary duties as retaliatory measures.

TD Securities analysts suggest certain nations may secure reduced tariff rates through negotiations.

The organization's analysts project US inflation will remain persistently elevated for at least two more months if tariffs stay in place. TD Securities forecasts the country's Consumer Price Index could rise to at least 3.5%.

These developments are likely to substantially impact gold prices. Accelerating US inflation coupled with heightened investor demand for safe-haven assets amid trade uncertainty should bolster bullion. However, the tariff effects on silver remain less clear-cut. Silver demand will hinge on how global economies respond to the tariffs.